Risk management is a quickly growing and highly valued career path. It is the identification, evaluation, and prioritization of risks followed by coordinated and economical application of resources to minimize, monitor, and control the probability or impact of unfortunate events or to maximize the realization of opportunities. You can probably guess that this work requires a specific skill set that companies rely on to help them navigate a volatile business environment. Evaluating and mitigating risk is how companies weather disruption and navigate risk. Knowing which moves to make in the light of that information can mean the difference between success and failure. This article will breakdown the top skills most risk managers have.
1. Leadership Skills
Risk management experts are expected to lead and provide technical support to the management of project risk by facilitating regular risk reviews at the contract and project levels. They provide cost and schedule risk modeling, prepare detailed project risk reports as required for the reporting cycle, and are responsible for taking an active role in the continuous improvement of the risk management function.
2. Risk Modeling
Risk managers also demonstrate technical risk management acumen – including the building and running of detailed quantitative cost and schedule risk models and analyzing analysis results. They ensure that all program team members comply with the risk management plan, procedures, requirements of the work’s assigned scope.
3. ARM Systems Familiarity
Risk management professionals review plans and lead activities related to mitigation, planning, control, review, and reporting, identify project risks, input data for assigned scope, and assist in continuous improvement risk management process. Employers count on these individuals to work closely with program delivery teams and program control teams and perform day-to-day management of the Active Risk Manager (ARM) systems.
4. Project Management Skills
Those candidates who hold Project Management Professional (PMP) certification and project management experience are especially demanding. Overall, employers are looking for candidates with excellent people skills and a proven ability to communicate effectively with various internal and external stakeholders, navigate cost and schedule concerns related to projects, and so on.
5. Engineering and Software Skills
Project risk management experts generally should have a minimum of 5+ years of related experience in the field and formal education in a field related to engineering, analytical thinking, or finance. Candidates also should have excellent MS Office skills, including Excel, Word, and PowerPoint, and experience in using industry-standard software packages and applications such as Active Risk Manager (ARM), Primavera Risk Analysis (PRA), Sword Active Risk, etc.
Find Your Next Role with Williams Industrial
For more information about Risk Management opportunities and other open roles, connect with our recruiting team today.